TRADE, EXCHANGE RATES AND BUDGETS

America's current-account deficit grew by 17.5% in the second quarter, to a record $80.7 billion. Much of the rise was attributable to a sharp increase in the deficit for goods and services. The 12-month deficit widened to $274.5 billion. Japan's visible-trade surplus widened to $124.1 billion in the year to July; Germany's also grew a little, to $72.6 billion, in the same period.